The Brief The $1 billion Powerball jackpot drawing takes place Wednesday night, offering a $433.1 million lump sum cash option for a lucky United States winner. This is the 44th drawing since the last Powerball jackpot was won, which involved tickets purchased in Florida and Texas splitting a $20 million prize. Florida lottery tax rulesWhat we know:While it is unclear who might win Wednesday night, we do know exactly how the state handles a Florida winner's information and taxes. Additionally, the Florida Lottery automatically withholds 24% for federal taxes before a winner receives the money. The largest lottery jackpot in history occurred in 2022, when a single ticket in California won a $2.04 billion Powerball prize.